From Ascending Technologies' blog:

The moves of the LED drone were shot while taking a long exposure photograph of every scene. Up to 10 minutes exposure time were needed. Additionally the flights have been filmed with an A7S Mark ii. In post processing the stills from the original drone flights were visualized via VFX and combined with further video footage.
The Drone Light Painting flights have been performed at airspeeds of 2 m/s with the patented V-Form Octocopter AscTec Falcon 8. Santa Claus throwing the presents into the chimneys and the snowflakes in the starting sequence of course are animated GIFs, yet based on flown paintings. Probably it was possible to do any drone light painting you like... (more)